SMEs in HMRC firing line
In September this year HMRC announced they surpassed their target for tax avoidance prosecutions in 2015-16. Exceeding the prosecutions target of 1000 by almost 14%. The announcement didn’t come as a surprise to many, as MPs have been putting increasing pressure on HMRC to crack down on tax evasion, moving away from prosecuting wealthy individuals and instead focusing heavily on SMEs.
HMRC has estimated that SMEs account for almost half of the tax gap, which equates to a staggering £15.5billion. Much of the gap can be explained by these businesses not understanding tax laws properly, thus claiming tax back in the wrong way.
This is one of the problems faced by SMEs in particular, with the ever-changing intricacies of taxation laws in the UK meaning general accountants are often unable to complete forms in line with HMRC requirements.
Use a specialist and protect your business
Using a specialist is always the safest and most reliable option. At MPA we have 10 years’ experience in submitting claims, and our team is structured with experts in place to handle each part of the process, with an in-depth understanding of HMRC expectations at each stage. The result of this is a thorough, robust claim which is easy for HMRC to check and approve.
In the rare occurrence that compliance checks are raised, we represent our clients and speak to HMRC on their behalf. This means no stress for our clients and, unlike many other R&D specialists or general accountants, no extra cost for this service.
MPA Director Mike Price, has over 10 years’ experience in R&D tax credits. Listen to why he believes it’s always better to use a specialist below.
Get in touch with our experts today to claim extra funding. The right way.